In brief, when both VT and Louisville were in the Metro, Louisville led a coalition of other members to kick VT (and VCU) out of the conference so they could form C-USA. VT and VCU sued the rest of the league, claiming that each of the other teams were in effect leaving the Metro, so each team owed VT and VCU the severance penalty. I think the end result was each VT and VCU were paid $1M and the conference was dissolved.
This left VT high and dry for all sports but football - they were football-only members of the Big East and the BE wouldn't allow VT to join as full members - and led to a bizzare 5 years in the Atlantic-10.
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